Sorry, want to add one more observation. Chinese New Year starts this weekend. Looking at historic charts of RIO and BHP, it indicates that quite dramatic advances are seen in the weeks leading up to CNY, and then during the week long holiday the rally reverses quite dramatically. To me, this weeks moves seem to mimic that, and I am thinking next week is probably going to see a sell down, which may provide a better entry point.
rookie comment, but - I notice volumes seem very light here compared to other significant moves. I also note the chart shows the last 5 volume bars as blue (positive moves). The chart shows that the maximum number of consecutive blue bars is 5. Does this imply a down day should now be anticipated? And if so, where is the buy-in level?